Editor
Banks are now sending out notices to potential import and export business customers for the first phase of the Central Bank of Nigeria (CBN) workshop on the new Product Price Verification Mechanism in Abuja.
The workshop will hold on Thursday February 3, 2022.
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Prime Business Africa gathered that many of the banks, including Zenith Bank, Guaranty Trust Bank, Fidelity Bank, and First Bank PLC, have issued mails to all elite customers that effect.
A CBN circular on January 31 had invited all banks to what it termed “Abuja Zone Sensitization Workshop for Importers and Exporters” on the Product Price Verification Mechanism.
The circular, which was sighted by Prime Business Africa on Tuesday made reference to an earlier (January 21,2022) memo referenced TED/FEM/PUB/01/001 in respect of the verification wherein the central bank published the operationalization guidelines on the Product Price Verification Mechanism to be introduced into the country.
“We wish to invite all Importers and Exporters to a sensitization workshop scheduled as follows;
Date: Thursday February 03, 2022
Venue: Ladi Kwali, Sheraton Hotel, Ladi Kwali Street, Abuja
Time: 10:am
To this end, we request that you kindly inform all the concerned stakeholders accordingly,” the memo signed by Dr O.S. Nnaji, the Director & Exchange Department, urged.
Recall that the banking regulator had in August last year said it would henceforth verify prices of goods and services coming into the country before a Form M could be approved for them.
The Naira, has consistently come under pressure at the currencies market following a shortfall in FX earnings for the country, forcing banks to significantly reduce customers’ spending limit on international transactions to $100 per month from $3,000 per month.
With the workshop, Importers and Exporters are expected to be acquainted with the new processes as stipulated in the guidelines issued by the apex bank on January 21, 2022 for better understanding with their banks
